US Government (IRS) to begin tracking gold and silver coin purchases within USA

Posted by Gregor Gregersen on 12 Jul 2010


"Starting on January 1st in 2012, U.S. federal law will require coin and bullion dealers to report to the Internal Revenue Service all gold and silver coin purchases and sales greater than $600.

The report is written by David L. Ganz and is headlined "$600 Sale? Get Ready for Tax Form." Apparently this little jewel was an add-on to the national health care legislation. But there’s a new bill being introduced by Rep. Dan Lungren (H.R. 5141), which has gathered over 80 members of Congress as co-sponsors to repeal this section."

Read the full article at:  Gov't HORROR: IRS to begin tracking gold and silver coin purchases

Please note that the article only applies to US based bullion shops / dealers.